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Gas prices continue to rise ahead of Fourth of July

Gas prices may be down now, but may shoot back up as we get closer to the holiday.

MICHIGAN - Gas prices in Michigan are down slightly after jumping 14 cents to $2.83 on June 26. Michigan drivers are now paying an average price of $2.79 per gallon for regular unleaded which is up 9 cents compared to a week ago. 

As nearly 1.5 million Michiganders prepare to hit the road this Independence Day, the Michigan state average is still 9 cents less than this time last month and 21 cents less than this time last year. 

Pump prices have increased as gasoline stocks decreased and demand remains robust. According to the Energy Information Administration's (EIA) data for last week, total domestic gasoline stocks fell by 1 million bbl to 232.2 million bbl. On the demand front, it fell from the previous week's record-setting 9.9 million b/d to 9.5 million b/d, which is in line with last summer's rate at this time.

"If gas stocks continue to dwindle alongside typical demand rates seen during the busy summer driving season, motorists will likely see pump prices continue to increase ahead of the Fourth of July," said Adrienne Woodland, spokesperson, AAA - The Auto Club Group.

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